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Home/VICI Properties completes purchase of MGM Grand and Mandalay Bay
VICI Properties completes purchase of MGM Grand and Mandalay Bay
Established during 2017, the real estate investment company VICI Properties is owned by the well-known operator Caesars Entertainment.
Very well established on the mythical Las Vegas Strip, it already owns several prestigious hotel-casinos such as the New York-New York and the Caesars Palace.
Well, it has just further consolidated its positions on this prestigious artery by completing the acquisition of the remaining shares in the MGM Grand and the Mandalay Bay.
The 49.9% owned by Blackstone
It was on Monday January 9 that VICI Properties announced the completion of this famous transaction. Until now, it already owned 50.1% of the MGM Grand and the Mandalay Bay. It has just bought the remaining 49.9% from the financial conglomerate Blackstone. The agreement was announced last December.
It called for VICI Properties to pay about $1.27 billion in cash, or about €1.18 billion, while assuming the corresponding share of Blackstone’s debt on these gaming establishments. That’s about $1.5 billion (€1.4 billion).
For the record, the MGM Grand and Mandalay Bay are currently leased to operator MGM Resorts International. When the next increase comes into effect on March 1, 2023, the rent for these two hotel-casinos will reach approximately $310 million per year (288 million euros).
>>> Read also: “VICI Properties lands in Canada by buying 4 casinos”
VICI Properties: the largest property owner on the Strip
Despite the sale of its shares in the MGM Grand and the Mandalay Bay, it must be recognized that Blackstone is still very present on the Strip at the moment. Indeed, it owns the real estate of the Bellagio, the Aria and the Vdara. It also has a stake in the Cosmopolitan.
VICI Properties is simply the largest owner of real estate on Las Vegas Boulevard, with assets of more than 242 hectares. Among its gaming complexes are the Venetian, Harrah’s, Park MGM and the Mirage.
On Monday, January 9, this real estate investment company also announced that it had just expanded its international footprint by reaching Canada for the first time in its history (see article above).
It has bought the 4 land-based casinos located in the province of Alberta that belonged to the operator Pure Canadian Gaming Corporation. The latter will retain the management and operation of these establishments by signing a 25-year lease.
Some information about the Mandalay Bay and the MGM Grand
Opened on March 2, 1999, the Mandalay Bay has 3,309 rooms or suites and a gaming room of more than 12,500 m². The MGM Grand opened its doors on December 18, 1993. It contains 6,852 rooms or suites and its gaming area covers an area of nearly 16,000 m².
Of course, these 2 casino hotels offer other activities. Each one of them has an auditorium, bars, restaurants and a wedding chapel.
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